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JPMorgan analysts expect Solana ETFs to be approved soon but predict limited inflows.
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The bank estimates around $1.5 billion in first-year inflows, about one-seventh of Ethereum ETF levels.
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Analysts cite weaker investor perception and lower DeFi activity on Solana.
Approval Expected, But Demand May Be Limited
JPMorgan believes the SEC is likely to approve spot Solana ETFs in the coming days but warned that investor demand could be muted. Analysts project roughly $1.5 billion in inflows during the first year, far below Ethereum’s $9.6 billion debut.
The bank says optimism around ETF approval is already priced in, with Grayscale’s Solana Trust premium narrowing from 750% to near zero. That mirrors the pattern seen in Grayscale’s Bitcoin and Ethereum trusts before they were converted to ETFs.
Factors Behind the Conservative Forecast
While approval is seen as almost certain, analysts point to several headwinds for Solana. These include a weaker reputation compared to Ethereum, declining network activity, and a heavy concentration of memecoin trading.
They also noted investor fatigue from the rapid rollout of new ETFs and competition from diversified crypto index funds. Despite that, Solana ETFs are still viewed as a positive step toward broader mainstream exposure for the blockchain.
